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H THNG BI TP TRC NGHIM

Mn: Phn tch ti chnh doanh nghip i hc Kinh t quc dn https://sites.google.com/site/baitamquatlam

Vng quay tng ti sn Cu 1: Doanh thu ca Ramala Corp nm ngoi l $48,000, v tng ti sn ca cng ty l $25,000. Vng quay tng ti sn (TATO) l bao nhiu? a. 1.88 b. 1.92 c. 1.10 d. 1.21 e. 1.32 Tr li: Vng quay tng ti sn: TATO = Doanh thu thun Tng TS bnh qun = 48.000 = 1,92 25.000

Kh nng thanh ton li vay (TIE) Cu 2: Doanh thu ca Rubi Corp nm ngoi l $435,000, chi ph hot ng l $350,000, chi ph li vay l $10,000. T s kh nng thanh ton li vay (TIE) l bao nhiu? a. 8.29 b. 8.42 c. 8.50 d. 8.68 e. 8.61 Tr li: EBIT = 435.000 350.000 = 85.000 $ T s kh nng thanh ton li vay l: TIE = EBIT 85.000 = = 8,5 Chi ph tr li vay 10.000

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Li nhun bin trn doanh thu Cu 3: Doanh thu ca Robert Corp nm ngoi l $300,000, li nhun sau thu l $25,000. Doanh li doanh thu ca cng ty l bao nhiu? a. 7.65% b. 7.82% c. 7.99% d. 8.16% e. 8.33% Tr li: Doanh li doanh thu ca cng ty l (hay cn gi l Li nhun bin trn doanh thu): PM = LNST hoc Thu nhp rng 25.000 = = 8,33% Doanh thu 300.000

Doanh li tng ti sn (ROA) Cu 4: Tng ti sn ca Reynolds Corp thi im cui nm ngoi l $300,000 v li nhun rng sau thu l $25,000. ROA ca cng ty l bao nhiu? a. 8.15% b. 8.33% c. 8.51% d. 8.69% e. 8.87% Tr li: Sut sinh li trn tng ti sn hay Doanh li tng ti sn ca cng ty l: ROA = LNST Tng TS = 25.000 = 8,33% 300.000

Kh nng sinh li c bn (BEP) Cu 5: Tng ti sn ca Rollin Corp thi im cui nm ngoi l $300,000 v EBIT l $75,000. BEP ca cng ty l bao nhiu? a. 17.5% b.20% c. 22.5% d. 25% e. 27.5% Tr li: Kh nng sinh li c bn l: BEP = EBIT Tng ti sn = 75.000 = 25% 300.000
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Doanh li vn ch s hu (ROE) Cu 6: Tng vn c phn thng ca Raleigh Corp thi im cui nm ngoi l $300,000 v li nhun rng sau thu l $55,000. ROE bng? a. 18.33% b. 18.67% c. 19% d. 19.33% e. 19.67% Tr li: Doanh li vn ch s hu hay sut sinh li trn VCSH l: ROE = LNST 55.000 = = 18,33% VCSH 300.000

T s gi/Thu nhp (P/E) Cu 7: Gi c phiu ca Rutland Corp ti thi im cui nm ngoi l $30.25 v thu nhp vn c phn nm ngoi l $2.45. P/E ca cng ty bng? a. 11.65 b. 12.00 c. 12.35 d. 12.70 e. 13.05 Tr li: T s gi trn thu nhp l: P/E = Gi tr trng ca c phiu 30,25 = = 12,35 EPS 2,45

Gi th trng/Gi tr s sch (M/B) Cu 8: Gi c phiu ca Rand Corp ti thi im cui nm ngoi l $40 v gi tr s sch 1 c phiu l $24.5. T s M/B l? a. 1.03 b. 1.18 c. 1.33 d. 1.48 e. 1.63 Tr li: Gi tr th trng trn gi tr s sch ca c phiu l: P/B hoc M/B = Gi tr th trng ca c phiu 40 = = 1,63 Gi tr s sch ca c phiu 24,5
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M hnh Dupont: tnh ton c bn Cu 9: Midwest Lumber c li nhun bin l 5.1%, vng quay tng ti sn l 1.6 v h s nhn vn ch s hu l 1.8. ROE ca cng ty l? a. 14.39% b. 14.69% c. 14.99% d. 15.29% e. 15.59% Tr li: = LNST LNST Doanh thu Tng TS = x x VCSH Doanh thu VCSH Tng TS

Hay ROE = PM x TATO x EM Vi: PM l li nhun bin TATO l vng quay tng ti sn EM l h s nhn VCSH ROE = 5,1% x 1,6 x 1,8 = 14,69% Doanh li vn ch s hu (ROE) Tm li nhun rng Cu 10: Mt nh u t ang xem xt khi u mt cng vic kinh doanh mi. Cng ty cn $500,000 ti sn, v d nh ti tr ton b bng vn ch s hu. Nh u t s thc hin d n u t ch khi ng ta ngh rng cng ty c th to ra mc li nhun trn vn u t l 15%, c ngha l cng ty phi c ROE l 15%. Hi li nhun rng ca cng ty phi l bao nhiu m bo khi u cng vic kinh doanh. a. $45,000 b. $55,000 c. $65,000 d. $75,000 e. $85,000 Tr li: Ta c ROE = LNST VCSH

hay li nhun rng ca cng ty l: LNST = ROE x VCSH = 15% x 500.000 = 75.000 $ T s N - Tm N, cho bit t s D/A Cu 11: Rolle Corp c tng ti sn l $500,000, cng ty khng s dng n, ti sn c ti tr ton b bng vn c phn thng. Gim c ti chnh mi ca cng ty mun huy ng N vay t s N ca cng ty ln n 45%, v s dng s tin ny mua li c phn thng vi gi bng gi tr s sch. Hi cng ty phi vay bao nhiu t c mc tiu t s n trn? Bi tp trc nghim mn Phn tch ti chnh
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a. $225,000 b. $240,000 c. $255,000 d. $270,000 e. $285,000 Tr li: T s n D/A l: H s n = Tng n Tng ti sn

=> Tng n = H s n x Tng ti sn = 45% x 500.000 = 225.000 $ T s N Cu 12: Tng ti sn ca Rull Corp l $500,000 v tng n l $200,000. Gim c ti chnh mi mun s dng t s n mc 60%. Hi cng ty phi thm hoc gim bao nhiu vn vay t c t s N mc tiu trn? a. $80,000 b. $90,000 c. $100,000 d. $110,000 e. $120,000 Tr li: Mun t s n mc 60% th tng n m cng ty phi vay l: H s n = Tng n Tng ti sn

=> Tng n = H s n x Tng ti sn = 60% x 500.000 = 300.000 $ Vy cng ty phi vay thm: 300.000 200.000 = 100.000 $ EPS, DPS, v T l chi tr Cu 13: Li nhun rng ca Collins Inc nm gn nht l $1 t, v cng ty hin c 200,000,000 c phiu ang lu hnh. Cng ty mun chi tr 40% li nhun. Hi c tc 1 c phiu m cng ty cng b l bao nhiu? a. $1.60 b. $1.70 c. $1.80 d. $1.90 e. $2.00 Tr li: S li nhun cng ty d nh chi tr c tc l: = 1.000.000.000 x 40% = 400.000.000 $ Bi tp trc nghim mn Phn tch ti chnh
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C tc 1 c phiu m cng ty cng b l: EPS = 400.000.000 = 2$ 200.000.000

EPS, BV, v t s N Cu 14: EPS nm gn nht ca Cooper Inc l $4.00, gi tr s sch 1 c phiu l $20, cng ty c 200,000 c phiu ang lu hnh, v t s N l 40%. Hi tng N ca cng ty l bao nhiu? a. $2,333,333 b. $2,666,667 c. $3,000,000 d. $3,333,333 e. $3,666,667 Tr li: Gi tr s sch 1 c phiu: BV = VCSH S c phiu lu hnh

=> VCSH = BV x S c phiu lu hnh = 20 x 200.000 = 4.000.000 $ T s n: H s n = 40% = Tng n Tng ti sn Tng n Tng n + 4.000.000 = Tng n Tng n + VCSH

=> Tng n = 2.666.667 $ Cu ny d kin EPS khng h dng n Tc ng ca vic gim DSO n li nhun rng Cu 15: Kirby Industries c doanh thu l $110,000 v cc khon phi thu l $12,500, v cng ty cho cc khch hng mua chu trung bnh l 30 ngy. DSO trung bnh ngnh l 25.5 ngy, tnh trn c s 1 nm c 365 ngy. Nu cng ty thay i chnh sch tn dng v thu tin gim DSO xung bng mc trung bnh ngnh, v nu cng ty kim c 9.9% thu nhp t lng tin thu hi sm t vic thay i chnh sch ny, th n s tc ng th no n li nhun rng, gi s cc yu t khc khng i? a. $422.12 b. $435.43 c. $447.86 d. $457.43 e.$476.69 Tr li: k thu tin bnh qun DSO bng mc trung bnh ngnh l 25,5 ngy th: Bi tp trc nghim mn Phn tch ti chnh
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DSO =

365 Vng quay khon phi thu 365 365 = = 14,31373 DSO 25,5 Doanh thu thun Phi thu bnh qun

Vng quay khon phi thu = Ta c Vng quay khon phi thu = Khon phi thu =

Doanh thu thun 110.000 = = 7.684,9291 $ Vng quay khon phi thu 14,31373

Li nhun rng sau khi a DSO v mc trung bnh ngnh l: = (12.500 7.684,9290) x 9,9% = 476,69 $ S ngy thu tin (DSO) Cu 16: Rangala Corp bn hng vi iu kin cho php khch hng mua chu trong vng 30 ngy. Doanh thu nm ngoi l $450,000, cc khon phi thu ti thi im cui nm l $45,000. Nu DSO ca cng ty thp hn thi hn tn dng 30 ngy, th khch hng ang tr n ng thi hn. Ngc li, ngha l khch hng ang tr n chm. Khch hng tr n sm/mun bao lu? Tr li cu hi da trn phng trnh sau: DSO - thi hn tn dng = S ngy sm/mun, gi s 1 nm c 365 ngy. Nu gi tr dng l khch hng ang thanh ton chm. a. 6.50 b. 6.75 c. 7.00 d. 7.25 e. 7.50 Tr li: K thu tin bnh qun ca cng ty: DSO = 365 N phi thu 45.000 = x 365 = x 365 = 36,5 ngy Vng quay khon phi thu 450.000 Doanh thu thun

S ngy sm/mun = DSO thi hn tn dng = 36,5 30 = 6,5 ngy Cu 17. Doanh thu ca Regan Corp nm ngoi l $450,000, cc khon phi thu cui nm l $45,000. Trung bnh, cc khch hng ca Regan thanh ton chm 10 ngy (v v vy h phi chu pht). Hi s ngy c hng tn dng min ph m Regan cung cp cho khch hng trc khi h thanh ton chm v phi chu pht? Tnh ton da vo cng thc: DSO - S ngy thanh ton chm trung bnh = S ngy tn dng min ph, gi s 1 nm c 365 ngy v lm trn s n ngy. a. 23 ngy b. 25 ngy c. 27 ngy d. 29 ngy Bi tp trc nghim mn Phn tch ti chnh
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e. 31 ngy Tr li: K thu tin bnh qun ca cng ty: DSO = 365 N phi thu 45.000 = x 365 = x 365 = 36,5 ngy Vng quay khon phi thu 450.000 Doanh thu thun

S ngy tn dng min ph = DSO S ngy thanh ton chm trung bnh = 36,5 10 = 26,5 ngy v lm trn l 27 ngy T s vng quay tng ti sn (TATO) Cu 18: Doanh thu nm ngoi ca Rangoon Corp l $400,000, v tng ti sn ti thi im cui nm l $300,000. T s vng quay tng ti sn trung bnh ngnh l 2.5. Gim c ti chnh mi ca cng ty tin rng cng ty ang d tha ti sn c th bn v lm gim TATO ca cng ty xung mc trung bnh ngnh m khng phi tc ng n doanh thu. Lng ti sn cn gim xung l bao nhiu ko TATO ca cng ty bng mc trung bnh ngnh? a. $100,000 b. $110,000 c. $120,000 d. $130,000 e. $140,000 Tr li: Vng quay tng ti sn: TATO = Doanh thu thun Tng TS bnh qun Doanh thu thun 400.000 = = 160.000 $ TATO 2.5

Tng ti sn =

gim TATO xung mc trung bnh ngnh v khng lm thay i doanh thu thun th tng ti sn phi bn i l: = 300.000 160.000 = 140.000 $ Ti a t s n trong mi quan h vi TIE cho trc Cu 19: Mt cng ty mi ang pht trin k hoch kinh doanh ca mnh. Cng ty cn lng ti sn l $600,000, v cng ty d kin to ra $435,000 doanh thu v $350,000 chi ph hot ng nm u tin. Cng ty tng i chc chn v cc con s ny da trn c s cc hp ng k vi khch hng v cc nh cung cp. Cng ty c th vay n mc li xut 7.5%, nhng ngn hng yu cu cng ty phi c TIE ti thiu l 4.0, v nu TIE ca cng ty gim xung di mc ngn hng yu cu ngn hng s i li cc khon cho vay v cng ty s ph sn. Hi t s N ln nht m cng ty c th s dng l bao nhiu? (Hng dn: Tm s li vay ln nht, sau tm s N to ra s li vay , v cui cng l t s N) a. 46.1% b. 47.2 % Bi tp trc nghim mn Phn tch ti chnh
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c. 48.6% d. 50.5% e. 51.9% Tr li: TIE = EBIT Chi ph tr li vay

TIE ti thiu l 4.0 => TIE 4 EBIT 4 Chi ph tr li vay 435.000 350.000 4 Chi ph tr li vay => chi ph tr li vay 21.250 $ => gc vay x 7,5% 21.250 => gc vay 283.333 $ (1) H s n: H s n = Tng n Tng ti sn = Tng n 600.000

Tng n = 600.000 x h s n (1) tng ng vi: 600.000 x h s n 283.333 => h s n 47,22% Doanh li doanh thu v ROE Cu 20: Burger Corp c tng ti sn l $500,000, v ti sn ca cng ty c ti tr ton b bng vn c phn (N = 0). Doanh thu nm ngoi l $600,000 v li nhun rng sau thu l $25,000. Cc c ng va b phiu cho ban qun l mi, nhng ngi ha s lm gim chi ph v tng ROE ca cng ty ln 15%. Hi doanh li doanh thu ca Burger cn l bao nhiu t c ROE l 15% trong khi cc yu t khc khng i? a. 8.00% b. 9.50% c. 11.00% d. 12.50% e. 14.00% Tr li: ROE = LNST VCSH

LNST = ROE x VCSH = 15% x 500.000 = 75.000 $ Doanh li doanh thu ca Burger l:

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PM =

LNST 75.000 = = 12,5% Doanh thu 600.000

Kh nng thanh ton v hng tn kho Cu 21: Iken Berry Farms c ti sn ngn hn l $5 triu, $3 triu n ngn hn, mc hng tn kho ban u l $1 triu. K hoch ca cng ty l tng hng tn kho, ti tr bng n ngn hn (giy n phi tr). Gi s rng gi tr ca cc ti sn ngn hn cn li khng thay i. iu khon tri phiu ca cng ty yu cu t s thanh ton ngn hn ca cng ty phi >= 1.5. Hi lng hng tn kho c th mua m khng lm iu khon trn b ph v? a. $0.50 triu b. $1.00 triu c. $1.33 triu d. $1.66 triu e. $2.33 triu Tr li: S n ngn hn c th vay thm t s thanh ton ngn hn 1,5 l HTK CR = TSNH N ngn hn = 5 + HTK 1,5 3 + HTK

=> HTK 1 triu $ M hnh Dupont: tc ng ca gim ti sn ln ROE Cu 22: Nm ngoi Southern Chemical c doanh thu $200,000, tng ti sn l $125,000, li nhun bin l 5.15% v h s nhn vn ch s hu l 1.85. Gim c ti chnh tin rng cng ty c th gim ti sn xung bt $25,000 m khng nh hng ti doanh thu hoc chi ph. Hi cng ty c th gim lng ti sn khng v t s n, doanh thu, chi ph c th khng thay i khng, ROE thay i bao nhiu? a. 2.75% b. 3.03% c. 3.81% d. 4.11% e. 4.37% Tr li: = LNST LNST Doanh thu Tng TS = x x VCSH Doanh thu VCSH Tng TS 200.000 x 1,85 = 15,244% 125.000 Tng TS VCSH

= 5,15% x

H s nhn VCSH = Khi

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VCSH =

Tng TS 125.000 = = 67.567,568 $ H s nhn VCSH 1,85

Khi gim ti sn xung bt 25.000$ th ta c ROE mi vi doanh thu, chi ph v h s nhn VCSH khng i. = LNST 200.000 = 5,15% x x 1,85 = 19,055 % VCSH 125.000 25.000

Vy ROE tng thm: = ROE ROE = 19,055% - 15,244% = 3,811 % Cu ny mc d ra kt qu trng p n nhng khng ng tnh vi vic gi nguyn h s nhn VCSH khi m lng Ti sn thay i. Nu lng TS thay i th phi lm thay i h s nh ch. Cu 23: Trong nm gn y nht Ruth Corp c doanh thu l $300,000 v li nhun rng l $20,000, tng ti sn cui nm ngoi l $200,000. T s N/TS ca cng ty l 40%. Da vo m hnh Dupont, ROE ca cng ty l? a. 15.33% b. 15.67% c. 16.00% d. 16.33% e. 16.67% Tr li: VCSH = Tng ti sn x 60% = 200.000 x 60% = 120.000 $ = LNST 20.000 = = 16,67% VCSH 120.000

M hnh Dupont: tc dng ca vic gim chi ph ti ROE Cu 24: Nm ngoi Oliver c vng quay tng ti sn l 1.60 v h s nhn vn ch s hu l 1.85. Doanh thu l $200,000 v li nhun rng l $10,000. Gim c ti chnh ca cng ty tin rng, cng ty c th hot ng hiu qu hn, chi ph thp hn, v tng li nhun rng thm $5,000 m khng cn thay i doanh thu, ti sn v cu trc ti chnh. Hi cng ty c th ct gim chi ph v tng li nhun rng thm $5,000, ROE thay i th no? a. 7.20% b. 7.40% c. 7.60% d. 7.80% e. 8.00% Tr li: = = LNST LNST Doanh thu Tng TS = x x VCSH Doanh thu VCSH Tng TS 10.000 x 1,6 x 1,85 = 14,8 % 200.000
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Khi li nhun rng tng thm 5.000$, cc yu t khc khng i: = 10.000 + 5.000 x 1,6 x 1,85 = 22,2 % 200.000

Lng ROE thay i l: = ROE ROE = 22,2% - 14,8% = 7,4% Gim ti sn tng vng quay tng ti sn v ROE Cu 25: Nm ngoi Bell Corp c tng ti sn $200,000, doanh thu $300,000, li nhun rng $20,000 v t s N/Tng TS l 40%. Gim c ti chnh mi ca cng ty tin rng cng ty ang d tha ti sn c nh v hng tn kho c th bn bt gim tng ti sn xung $150,000. Doanh thu, chi ph, v li nhun rng s khng b nh hng, v cng ty s duy tr t s n l 40%. ROE ca cng ty c ci thin bao nhiu t vic gim ti sn? a. 4.66% b. 4.96% c. 5.26% d. 5.56% e. 5.86% Tr li: VCSH = Tng ti sn x 60% = 200.000 x 60% = 120.000 $ = LNST 20.000 = = 16,667% VCSH 120.000 LNST LNST Doanh thu Tng TS = x x VCSH Doanh thu VCSH Tng TS 20.000 300.000 1 x x = 22,222% 300.000 150.000 60%

Khi bn bt TSC v hng tn kho th: = =

ROE s tng thm = 22,222% - 16,667% = 5,555% Tc ng ca vic gim chi ph n ROE Cu 26: Nm ngoi, Candle Corp c tng ti sn l $200,000, doanh thu l $300,000, li nhun rng l $20,000, v t s N/TS l 40%. Gim c ti chnh mi ca cng ty tin rng chng trnh my tnh mi s c th gim chi ph v v vy tng li nhun rng ln $30,000. Tng ti sn, doanh thu v t s N khng b nh hng. Vic gim chi ph s ci thin ROE th no? a. 8.33% b. 8.67% c. 9.00% d. 9.33% e. 9.67% Tr li: VCSH = Tng ti sn x 60% = 200.000 x 60% = 120.000 $ Bi tp trc nghim mn Phn tch ti chnh

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ROE =

LNST 20.000 = = 16,667% VCSH 120.000 LNST LNST Doanh thu Tng TS = x x VCSH Doanh thu VCSH Tng TS 30.000 300.000 1 x x = 25% 300.000 200.000 60%

Khi li nhun rng ln 30.000$, th: = =

ROE tng thm mt lng: = 25% - 16,667% = 8,333% M hnh Dupont: thay i t s N Cu 27: Nm ngoi Chantler Corp, c $200,000 tng ti sn, li nhun rng $20,000, v t s N/TS l 30%. By gi, gi nh rng gim c ti chnh mi ca cng ty thuyt phc gim c tng t s n ln 45%. Doanh thu v tng ti sn s khng b nh hng, nhng chi ph li vay tng ln. Tuy nhin, Gim c ti chnh tin rng vic qun l tt chi ph c th b p c chi ph li vay tng ln v gi cho li nhun rng khng thay i. S thay i trong cu trc ti chnh lm tng ROE thm bao nhiu? a. 3.51% b. 3.68% c. 3.90% d. 4.13% e. 4.47% Tr li: VCSH = Tng ti sn x 70% = 200.000 x 70% = 140.000 $ ROE = LNST 20.000 = = 14,286% VCSH 140.000 LNST LNST Tng TS = x VCSH Tng ti sn VCSH LNST 20.000 1 = x = 18,182% VCSH 200.000 55%

Khi tng t s n l 45% th ROE s l: = =

ROE tng thm mt lng: = ROE ROE = 18,182% - 14,286% = 3,896% ROE thay i vi t s n Cu 28: Nm ngoi Charter Corp c doanh thu $300,000, chi ph hot ng l $265,000 v tng ti sn thi im cui nm l $200,000. T s N/ tng ti sn l 25%, li sut vay vn l 10%, thu sut thu thu nhp cng ty l 35%. Gim c ti chnh mi mun thy ROE thay i th no nu cng ty s dng t s n l 60%. Gi nh rng doanh thu v tng ti sn khng b nh hng, v li sut v thu sut thu thu nhp khng i. ROE thay i bao nhiu khi c cu vn thay i? a. 5.01% b. 5.20% Bi tp trc nghim mn Phn tch ti chnh
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c. 5.35% d. 5.57% e. 5.69% Tr li: VCSH = Tng ti sn x 75% = 200.000 x 75% = 150.000 $ Gi s ton b n l vay vi li sut l 10% Chi ph li vay = 200.000 x 25% x 10% = 5.000 $ LNST = (300.000 265.000 5.000) x 65% = 19.500 $ ROE = LNST 19.500 = = 13% VCSH 150.000

Khi t s n l 60% th chi ph li vay s l: Chi ph li vay mi = 200.000 x 60% x 10% = 12.000 $ LNST mi = (300.000 265.000 12.000) x 65% = 14.950 $ ROE = LNST 14.950 = = 9,967% VCSH 150.000

ROE thay i mt lng = ROE ROE = 9,967% - 13% = -3,033% => ko trng kt qu Cch hiu khc: (cch hiu ny hi tiu cc v nh th l lm gim VCSH, m ch c cha no li gim VCSH bao gi c => chn) Khi t s n l 60% ngha l: VCSH = 200.000 x 40% = 80.000 $ LNST = (300.000 265.000 200.000 x 60% x 10%) x 65% = 14.950 $ ROE = LNST 14.950 = = 18,69% VCSH 80.000

ROE tng thm mt lng: = ROE ROE = 18,69% - 13% = 5,69% TIE: Lng n ti a rng buc bi TIE Cu 29: Cooper Inc d kin doanh thu nm ti l $300,000 v chi ph hot ng l $270,000. Cng ty s c ti sn l $200,000 v d n hin ti s c ti tr bi 30% N v 70% vn ch s hu. Li sut vay vn l 10%, nhng t s TIE phi c gi ti thiu l 4.0. Thu sut thu thu nhp cng ty l 40%. Gim c ti chnh mi ca cng ty mun xem ROE thay i nh th no nu cng ty tng t s N ln ti a nhng vn gi TIE theo yu cu. Gi nh rng doanh thu, chi ph hot ng, ti sn, li sut v thu sut khng i. ROE thay i bao nhiu khi c cu vn thay i? a. 0.33% b. 0.51% c. 0.82% d. 1.17% e. 1.39% Tr li: Bi tp trc nghim mn Phn tch ti chnh

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Chi ph li vay = 200.000 x 30% x 10% = 6.000 $ LNST = (300.000 270.000 6.000) x 60% = 14.400 $ ROE = LNST 14.400 = = 10,286% VCSH 200.000 x 70% EBIT 300.000 270.000 = 4 Li vay N vay x 10%

TIE ti thiu l 4 th: TIE =

=> N vay 75.000 $ LNST = (300.000 270.000 75.000 x 10%) x 60% = 13.500 $ ROE = LNST 13.500 = = 10,8% VCSH 200.000 75.000

ROE tng thm mt lng = ROE ROE = 10,8% - 19,286% = 0,514% DSO v tc ng ca n ln li nhun rng Cu 30: Ingram Inc c bng cn i k ton nh sau: Tin Khon phi thu Hng tn kho TSC rng Tng TS $10,000 50,000 150,000 90,000 $300,000 Khon phi tr N ngn hn khc N di hn Vn c phn thng Tng N v vn c phn $30,000 20,000 50,000 200,000 $300,000

Nm ngoi cng ty c $15,000 li nhun rng trn $200,000 doanh thu. Tuy nhin, gim c ti chnh mi tin rng hng tn kho ang d tha v c th gim bt lm cho t s kh nng thanh ton ngn hn xung bng mc trung bnh ngnh l 2.5, m khng nh hng ti doanh thu v li nhun rng. Gi nh hng tn kho c thanh l v gi nguyn nhm t c t s kh nng thanh ton ngn hn l 2.5, v s tin c to ra c s dng mua li c phi thng gi tr ghi s, cc yu t khc khng i. ROE thay i bao nhiu? a. 4.70% b. 4.96% c. 5.28% d. 5.54% e. 5.91% Tr li: ROE = LNST 15.000 = = 7,5% VCSH 200.000 TSNH N ngn hn TSNH = 2,5 30.000 + 20.000
15

t s thanh ton bng mc trung bnh ca ngnh th: CR = =

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=> TSNH = 125.000 $ Lng HTK bn i l: = (150.000 + 50.000 + 10.000) 125.000 = 85.000 $ V lng tin ny dng mua li c phn ca cng ty, tc l gim VCSH ng mt lng l 85.000 $. Khi VCSH cn li l: = 200.000 85.000 = 115.000 $ V LNST khng i nn ROE mi s l: ROE = LNST 15.000 = = 13,04% VCSH 115.000

ROE tng ln mt lng l: = ROE ROE = 13,04% - 7,5% = 5,54% Cu 31: Cc yu t khc khng i, hnh ng no sau y s lm tng t s kh nng thanh ton ngn hn? a. Tng khon phi thu b. Tng khon phi tr c. Tng ti sn c nh rng d. Tng giy n phi tr e. Tng cc khon n tch lu Tr li: T s kh nng than ton ngn hn (CR) = TSNH N ngn hn

Khi cc yu t khc khng i th tng khon phi thu s lm tng TSNH => tng CR Cu 32: Nu CEO ca cng ty mun nh gi gim c cc chi nhnh sau 1 t tp hun (v d xp hng cc gim c chi nhnh) , tnh hung no sau y c th lm cho cc gim c chi nhnh c xp hng cao hn? Trong mi trng hp, gi nh cc yu t khc khng i. a. Vng quay tng ti sn ca chi nhnh thp hn mc trung bnh ca cc cng ty trong ngnh. b. DSO (k thu tin) ca chi nhnh l 40, trong khi trung bnh ngnh l 30 c. Vng quay hng tn kho ca chi nhnh l 6, trong khi trung bnh ngnh l 8 d. T s n ca chi nhnh cao hn mc trung bnh ca cc cng ty trong ngnh e. Kh nng sinh li c bn ca ti sn ca chi nhnh cao hn mc trung bnh ca cc cng ty trong ngnh Tr li: V kh nng sinh li c bn ca ti sn phn nh kh nng sinh li ca mi ng ti sn, do t s ny cng cao cng phn nh hiu qu s dng ti sn ca chi nhnh l tt. Nn khi ROA ca chi nhnh ln hn mc trung bnh ngnh th c th coi nh mt ch tiu xp hng cc chi nhnh.

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4 ch tiu cn li cu a, b, c, d u khng phn nh c kh nng sinh li hay hiu qu s dng vn cng nh u t vn ca chi nhnh, nn khng th coi nh l ch tiu xp hng cc chi nhnh cng nh xp hng cc gim c chi nhnh. Cu 33: Cu no di y l ng? a. Window dressing lm p bo co ti chnh l hnh ng lm tng v th c bn ca doanh nghip trong di hn v v th lm tng gi tr thc ca doanh nghip b. S dng mt phn tin ca doanh nghip gim n vay di hn l v d v Window dressing c. Vay ngn hn v s dng tr cc khon vay di hn n hn tr l v d v Window dressing. d. Chit khu cho khch hng tr tin ngay khi mua hng v s dng s tin thu c nhanh mua hng tn kho l v d v Window dressing. e. Vay di hn v s dng s tin thu c thanh ton n ngn hn n hn tr l v d v Window dressing. Tr li: V window dressing ngha l misrepresentation, hay cn gi l dng th thut k ton lm p Bo co ti chnh ti thi im lp BCTC, ng thi cn lm p cc ch s ti chnh m ch c ni b nh iu hnh cng ty bit vi nhau. Hoc o hn n. Trong trng hp ny khi cc khon n di hn n hn tr m doanh nghip khng c tin tr th s s dng cc khon vay ngn hn tr n cho cc khon vay di hn n hn tr vi mc ch o hn n. c bi vit ny s hiu nhiu hn v Window Dressing:
http://kinhtetaichinh.blogspot.com/2010/03/repo-105.html
Definition of 'Window Dressing' A strategy used by mutual fund and portfolio managers near the year or quarter end to improve the appearance of the portfolio/fund performance before presenting it to clients or shareholders. To window dress, the fund manager will sell stocks with large losses and purchase high flying stocks near the end of the quarter. These securities are then reported as part of the fund's holdings. Investopedia explains 'Window Dressing' Performance reports and a list of the holdings in a mutual fund are usually sent to clients every quarter. Another variation of window dressing is investing in stocks that don't meet the style of the mutual fund. For example, a precious metals fund might invest in stocks that are in a hot sector at the time, disguising the fund's holdings, so clients really have no idea what they are paying for. Window dressing may make a fund appear more attractive, but you can't hide poor performance for long. Other definition: 1. The deceptive practice of some mutual funds, in which recently weak stocks are sold and recently strong stocks are bought just before the fund's holdings are made public, in order to give the appearance that they've been holding good stocks all along. 2. The deceptive practice of using accounting tricks to make a company's balance sheet and income statement appear better than they really are. Other definition: What is the window dressing?

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Window dressing is presenting company accounts in a manner which enhances the financial position of the company. It is a form of creative accounting involving the manipulation of figures to flatter the financial position of the business. The focus of the window dressing:

Liquidity hiding a deteriorating liquidity position. Profitability massaging profit figures.

Cu 34: Cu no di y l ng? a. Cc yu t khc khng i, nu t s vng quay hng tn kho gim th ROE s tng b. Nu mt doanh nghip tng doanh thu trong khi hng tn kho khng i, cc yu t khc khng i, t s vng quay hng tn kho s gim c. S gim xung ca hng tn kho s khng nh hng ti t s kh nng thanh ton ngn hn d. S tng ln ca hng tn kho s khng nh hng ti t s kh nng thanh ton ngn hn e. Nu mt cng ty tng doanh thu trong khi hng tn kho khng i th, cc yu t khc khng i, t s vng quay hng tn kho s tng. Tr li: Vng quay HTK = GVHB HTK bnh qun

V HTK khng i, nn nu doanh thu tng th s lm cho gi vn hng bn tng => vng quay hng tn kho tng. ( lu : trong mt s trng hp, khi doanh thu tng cha chc dn ti tng gi vn hng bn, v cn ph thuc vo phng php tnh gi vn hng tn kho v nh hng ca th trng nh hng khan him dn ti n gi ) Cu 35: Cng ty J v cng ty K u cng b mc EPS bng nhau, nhng c phiu ca cng ty J c gi th trng cao hn. Cu no sau y l ng? a. Cng ty J c P/E cao hn b. Cng ty J phi c M/B cao hn c. Cng ty J phi c mc ri ro hn d. Cng ty J c t c hi tng trng hn e. Cng ty J phi tr c tc thp hn Tr li: P/E = Gi tr trng ca c phiu EPS

V EPS ca 2 cng ty l nh nhau v c phiu J c gi th trng cao hn nn P/E ca J s cao hn K Cu 36: Maple Furniture va pht hnh thm c phiu thng mi v s dng s tin thu c thanh ton mt s giy n ngn hn. Hnh ng ny khng nh hng ti tng ti sn v li

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nhun hot ng ca cng ty. Nhng tc ng no di y c th xut hin nh l h qu ca hnh ng ny? a. H s nhn vn ch s hu ca cng ty tng b. T s kh nng sinh li c bn ca cng ty tng c. T s TIE gim xung d. T s N ca cng ty tng ln e. T s kh nng thanh ton ngn hn tng ln Tr li: Kh nng thanh ton ngn hn (CR) = TSNH N ngn hn

Do TSNH khng i nn khi n ngn hn gim => t s kh nng thanh ton ngn hn tng Cu 37: Cu no di y l ng? a. Mt cng ty s dng n by ti chnh s c s nhn vn ch s hu cao hn mt cng ty khng s dng n b. i vi cc nh u t, ti tr bng tri phiu tt hn ti tr bng c phiu bi thu nhp t tri phiu b tnh thu thp hn l thu nhp t c phiu c. Cc yu t khc khng i, vic ti tr bng n c xu hng lm t s kh nng sinh li c bn thp hn d. Cc yu t khc khng i, tng t s n s lm tng ROA e. Nu hai cng ty c doanh thu, chi ph li vay, chi ph hot ng v tng ti sn, nhng c phng thc ti tr khc nhau, th cng ty c n t hn s c ROE cao hn Tr li: S nhn VCHS = Tng TS VCSH

H s nhn VCSH phn nh mc huy ng vn t bn ngoi doanh nghip. Do khi 2 cng ty c cng VCSH th cng ty no s dng n by ti chnh nhiu hn th s c s nhn VCSH cao hn. Cu 38: Cu no di y l ng? a. Nu mt cng ty tng doanh thu trong khi gi cc khon phi thu khng i, th, cc yu t khc khng i, k thu tin (DSO) s tng b. Nu mt cng ty tng doanh thu trong khi cc khon phi thu khng i, cc yu t khc khng i, k thu tin (DSO) s gim c. S gim xung ca cc khon phi thu s khng nh hng ti t s thanh ton ngn hn, nhng n c th lm t s thanh ton nhanh tng

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d. Nu mt nh phn tch chng khon thy k thu tin ca mt cng ty ang tng v cao hn mc trung bnh ngnh v cng c xu hng tng cao hn, iu ny c th coi l du hiu ca sc mnh ti chnh e. Khng c mi tng quan no gia s ngy bn hng (DSO) v k thu tin bnh qun (ACP). Cc t s ny o lng cc kh nng khc nhau Tr li: K thu tin bnh qun: DSO = 365 Phi thu bnh qun = x 365 Vng quay khon phi thu Doanh thu thun

Khi cc yu t khc khng i m doanh thu tng => DSO gim Cu 39: Nelson Automotive ang xem xt pht hnh c phiu mi v s dng s tin thu c tr cc khon n ca cng ty. Vic pht hnh c phiu mi khng nh hng g ti tng ti sn, li sut Nelson phi tr, EBIT hoc thu sut thu cng ty. iu g di y c th xy ra nu cng tin hnh pht hnh c phiu? a. Li nhun rng s gim b. T s TIE s gim c. ROA s gim d. Thu phi np s tng e. Thu nhp chu thu s gim Tr li: V n ca cng ty gim => li vay gim. M EBIT khng i => Thu nhp chu thu tng => thu phi np s tng. Cu 40: Cng ty HD v LD c kh nng sinh li, v c hai u c cng tng ti sn (TA), doanh thu (S), doanh li tng ti sn (ROA) v li nhun bin (PM). Tuy nhin, cng ty HD c t s n cao hn. Cu no di y l ng? a. Cng ty HD c ROE cao hn cng ty LD b. Cng ty HD c vng quay tng ti sn thp cng ty LD c. Cng ty HD c li nhun hot ng (EBIT) thp hn cng ty LD d. Cng ty HD c h s nhn vn ch s hu thp hn cng ty LD e. Cng ty HD c vng quay ti sn c nh cao hn cng ty LD Tr li: = Hay LNST LNST Doanh thu Tng TS = x x VCSH Doanh thu VCSH Tng TS

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LNST LNST Doanh thu 1 = x x VCSH Doanh thu 1 D/A Tng TS

V cc yu t khc khng i. Mt khc t s n D/A ca HD cao hn LD => ROE ca HD s ln hn LD. Cu 41: Cng ty Van Buren c t s thanh ton ngn hn l 1.9. Xem xt mt cch c lp, hnh ng no di y lm GIM t s thanh ton ngn hn ca cng ty? a. S dng tin tr bt cc giy n ngn hn phi tr b. S dng tin tr bt cc khon phi tr c. Vay ngn hn bng cc giy n ngn hn v s dng s tin thu c tr bt cc khon n di hn d. Vay ngn hn bng cc giy n ngn hn v s dng s tin thu c tr bt cc khon phi np e. S dng tin tr bt cc khon phi np Tr li: Current Ratio = TSNH N ngn hn = Total current assets Total current liabilities

Vay ngn hn bng tin v dng tin tr n di hn => N ngn hn tng v TSNH khng i => t s thanh ton ngn hn gim. Cu 42: Cu no di y l NG? a. Gi s t s vng quay tng ti sn ca cng ty gim t 10% xung 9%, cng lc li nhun bin ca cng ty tng t 9% ln 10%, v n/ tng ti sn tng t 40% ln 60%. Trong iu kin ny, ROE s gim b. Gi s t s vng quay tng ti sn ca cng ty gim t 10% xung 9%, cng lc li nhun bin ca cng ty tng t 9% ln 10%, v n/ tng ti sn tng t 40% ln 60%. Trong iu kin ny, ROE s tng c. Gi s t s vng quay tng ti sn ca cng ty gim t 10% xung 9%, cng lc li nhun bin ca cng ty tng t 9% ln 10%, v n/ tng ti sn tng t 40% ln 60%. Nu khng c cc thng tin b sung, chng ta s khng th kt lun c g v ROE d. M hnh Dupont c iu chnh cung cp thng tin v cc hot ng nh hng th no ti ROE, nhng m hnh ny bao gm c cc tc ng ca n ln ROE e. Cc yu t khc khng i, t s n tng ln s dn n li nhun bin trn doanh thu tng Tr li: = Hay LNST LNST Doanh thu Tng TS = x x VCSH Doanh thu VCSH Tng TS

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LNST 1 = PM x TATO x VCSH 1 D/A

Khi PM tng mt lng bng ng TATO gim, D/A tng => ROE tng Hoc chng minh bng con s lun: LNST 1 = 9% x 10% x = 1,5% VCSH 1 40% LNST 1 = = 10% x 9% x = 2,25% VCSH 1 60% = => ROE2 > ROE1 hay ROE tng Cu 43: Cu no di y l ng? a. Nu hai cng ty ch khc nhau v vic s dng n, v d c hai u c tng ti sn, doanh thu, chi ph hot ng, li sut n vay, v thu sut nh nhau, nhng mt cng ty c t s n cao hn, cng ty s dng n nhiu hn s c doanh li doanh thu thp hn. b. Nu hai cng ty ch khc nhau v vic s dng n, v d c hai u c tng ti sn, doanh thu, chi ph hot ng, li sut n vay, v thu sut nh nhau, nhng mt cng ty c t s n cao hn, cng ty s dng n nhiu hn s c li nhun bin trn doanh thu cao hn c. Vic s dng n ca cng ty s khng nh hng g ti li nhun bin trn doanh thu d. Nu mt cng ty c t s n cao hn cng ty khc, chng ta c th chc chn rng cng ty c t s n cao hn s c t s TIE thp hn, v t s TIE ph thuc hon ton vo khi lng n m cng ty s dng e. T s n do n c tnh mt cch tng qut to ra mt s iu chnh i vi vic s dng cc ti sn thu ti chnh di hnh thc thu hot ng v th t s n ca cng ty m t l thu ti chnh khc nhau l vn c th so snh c Tr li: Doanh li doanh thu : PM = LNST hoc Thu nhp rng Doanh thu

Cng ty s dng n nhiu hn => li vay nhiu hn (do li sut vay nh nhau). V EBIT ging nhau => Thu nhp chu thu s nh hn => LNST s nh hn. Mt khc doanh thu 2 cng ty l ging nhau => Doanh li doanh thu cng ty s dng nhiu n hn s thp hn. Cu 44: Cu no di y l ng? a. Cc yu t khc khng i, DSO tng ln c th dn ti ROE tng ln b. Cc yu t khc khng i, DSO tng ln c th lm cho vng quay tng ti sn tng ln c. T s n ca cng ty tng ln, doanh thu v chi ph hot ng khng i, c th lm li nhun bin thp xung d. T s n di hn/ tng vn dng nh bin ng theo ma v hn l DSO hay vng quay hng tn kho Bi tp trc nghim mn Phn tch ti chnh
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e. Nu hai cng ty c ROA ging nhau, cng ty c n cao hn c th c ROE thp hn Tr li: T s n = Tng n Tng ti sn

T s n tng ln c th do Tng n tng => c th dn ti li vay tng. Mt khc doanh thu, chi ph khng i => c th lm cho thu nhp chu thu gim => c th lm LNST gim => c th lm li nhun bin thp xung. Cc trng hp cn li c th gii thch loi tr p n => p n cui cng l C c kh nng ng nht. Cu 45: HD Corp v LD Corp c tng ti sn, doanh thu, li sut vay vn, thu sut, v EBIT ging nhau. Tuy nhin, HD s dng nhiu n hn LD. Cu no di y l ng? a. HD s c li nhun rng trn bo co thu nhp cao hn b. HD s c li nhun rng trn bo co thu nhp thp hn c. Nu khng c thng tin b sung, chng ta s khng th kt lun c l liu HD hay LD c li nhun rng cao hn d. HD s phi tr thu thu nhp cao hn e. HD s c h s nhn vn ch s hu thp hn trong m hnh Dupont Tr li: V HD v LD c EBIT, thu sut v li sut vay vn l ging nhau. Do D/A ca HD ln hn LD => chi ph li vay ca HD ln hn LD => Thu nhp trc thu ca HD nh hn LD => LNST ca HD thp hn LD => Li nhun rng trn bo co thu nhp ca HD s thp hn LD. Cu 46: Cc yu t khc khng i, la chn no di y s lm tng dng tin ca cng ty nm nay? a. Gim s ngy bn hng (DSO) m khng gim doanh thu b. Tng s nm khu hao ti sn c inh c. Gim s d ti khon phi tr d. Gin t s vng quay hng tn kho m khng nh hng ti doanh thu e. Gim s d ti khon lng phi tr Tr li: V k thu tin bnh qun: DSO = 365 N phi thu = Vng quay khon phi thu Doanh thu thun

V doanh thu thun khng i, m DSO gim => thu hi n t khch hng tng => dng tin vo tng. Bi tp trc nghim mn Phn tch ti chnh
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Cu 47: Cng ty HD v LD c cng doanh thu, thu sut, li sut vay vn, tng ti sn v kh nng sinh li c bn. C hai cng ty c li nhun rng dng. Cng ty HD c t s n cao hn, v v th, chi ph li vay cao hn. Cu no di y l ng? a. Cng ty HD c ROA cao hn b. Cng ty HD c t s TIE cao hn c. Cng ty HD c li nhun rng cao hn d. Cng ty HD np thu t hn e. Cng ty HD c h s nhn vn ch s hu thp hn Tr li: V HD v LD c EBIT, thu sut v li sut vay vn l ging nhau. Do D/A ca HD ln hn LD => chi ph li vay ca HD ln hn LD => Thu nhp trc thu ca HD nh hn LD => HD s np thu t hn LD. Cu 48: Cng ty HD v LD c cng doanh thu, thu sut, li sut vay vn, tng ti sn v kh nng sinh li c bn. C hai cng ty c li nhun dng dng. Cng ty HD c t s n cao hn, v v th, chi ph li vay cao hn. Cu no di y l ng? a. Cng ty HD c ROE thp hn b. Cng ty HD c t s TIE thp hn c. Cng ty HD c li nhun rng cao hn d. Cng ty HD tr nhiu thu hn e. Cng ty HD c h s nhn vn ch s hu thp hn Tr li: V kh nng sinh li c bn ca 2 cng ty l ging nhau. M BEP = EBIT Tng ti sn EBIT Li vay

V Tng ti sn 2 cng ty ging nhau => EBIT ging nhau. TIE =

V D/A ca HD cao hn LD => chi ph li vay ca HD cao hn LD => TIE ca HD s thp hn LD.

Cu 49: Bn quan st thy ROE ca mt cng ty cao hn trung bnh ngnh, nhng c li nhun bin v t s n thp hn mc trung bnh ngnh. Cu no di y l ng? a. Doanh li tng ti sn ca cng ty phi cao hn trung bnh ngnh b. Vng quay tng ti sn phi cao hn trung bnh ngnh Bi tp trc nghim mn Phn tch ti chnh
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c. Vng quay tng ti sn phi thp hn trung bnh ngnh d. Vng quay tng ti sn bng trung bnh ngnh e. Doanh li tng ti sn bng trung bnh ngnh Tr li: = Hay = LNST 1 = PM x TATO x VCSH 1 D/A LNST LNST Doanh thu Tng TS = x x VCSH Doanh thu VCSH Tng TS

V ROE c hn trung bnh ngnh, li nhun bin (PM) thp hn trung bnh ngnh, t s n (D/A) thp hn trung bnh ngnh => TATO (vng quay tng ti sn) cao hn trung bnh ngnh. Cu 50: Cu no di y l ng? a. Nu hai cng ty A v B c EPS v M/B ging nhau th hai cng ty phi c P/E nh nhau b. Nu hai cng ty A v B c cng li nhun rng, s c phiu lu hnh, v gi c phiu th t s M/B cng phi ging nhau c. Nu hai cng ty A v B c cng li nhun rng, s c phiu lu hnh, v gi c phiu th t s P/E cng phi ging nhau d. Nu hai cng ty A v B c cng t s P/E th cc t s M/B ca 2 cng ty cng ging nhau e. Nu cng ty A c t s P/E cao hn cng ty B, th cng ty B s c ri ro thp hn v cng k vng c t l tng trng nhanh hn Tr li: EPS = Li nhun dnh cho c ng thng S c phiu lu hnh bnh qun

Nu 2 cng ty c cng Li nhun rng, cng s c phiu lu hnh (trng hp ny li nhun rng c 2 cng ty u tr c tc ht cho c ng thng) => EPS 2 cng ty l ging nhau. P/E = Gi tr trng ca c phiu EPS

Mt khc gi c phiu trn th trng 2 cng ty l ging nhau => P/E cng phi ging nhau.

CU HI SU TM TRN INTERNET V SCH THAM KHO Cu 1 (tng ng cu 51 H Thu): Gim c mi ca cng ty mun tng v th ti chnh ca cng ty. Hnh ng no di y s lm tng sc mnh ti chnh ca cng ty? a. Tng khon phi tr trong khi gi doanh thu khng i b. Tng khon phi thu trong khi gi doanh thu khng i Bi tp trc nghim mn Phn tch ti chnh
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c. Tng hng tn kho trong khi gi doanh thu khng i d. Tng EBIT trong khi gi doanh thu khng i e. Tng giy n phi tr trong khi gi doanh thu khng i Tr li: Vic tng EBIT trong khi gi doanh thu khng i phn nh hiu qu s dng vn u t ca doanh nghip ngy cng tt. Phn nh kh nng sinh li t hot ng u t l c hiu qu. Cu 2 (tng ng cu 53 H Thu): Du hiu no di y cho thy cng ty ang ci thin v th ti chnh ca mnh, cc yu t khc khng i? a. T s kh nng thanh ton ngn hn v nhanh gim b. T s EBIT v D/A coverage tng c. Vng quay tng ti sn gim d. TIE gim e. DSO tng Tr li: Trong cc ch s trn ch c t s EBIT v D/A c thng bo tng l du hiu cho thy cng ty ang ci thin v th ti chnh ca mnh trong khi cc yu t khc khng i. V EBIT tng phn nh hiu qu s dng vn v hot ng u t ca cng ty ang ngy cng ci thin theo chiu hng tt, D/A tng phn nh kh nng s dng linh hot cc ngun vn ti tr bn ngoi ca cng ty. Cc ch tiu cn li u phn nh khng tt tnh hnh ti chnh ca cng ty. Cu 3 (tng ng cu 56 H Thu): Cu no di y l ng? a. Nu mt cng ty c t s M/B cao nht trong ngnh, th, cc yu t khc khng i, iu ny c ngha l hi ng qun tr nn sa thi gim c. b. Cc yu t khc khng i, nu mt cng ty c t s P/E cao nht trong ngnh th iu ny c ngha l hi ng qun tr nn sa thi gim c cng ty c. Cc yu t khc khng i, nu t s M/B cng cao th gi tr th trng k vng tng thm cng cao d. Nu mt cng ty c cc gi tr kinh t tng thm trong qu kh cao, v nu cc nh u t k vng tnh trng ny tip din th t s M/B v MVA s thp hn mc trung bnh e. Cc yu t khc khng i, nu t l tng trng k vng trong tng lai cng cao, th t s P/E cng thp Tr li: Trng hp nu cc yu t khc khng i m t s M/B cng cao th cng phn nh s k vng ca cc nh u t vo cng ty cng cao => s k vng c phn nh vo gi th trng ca c phiu => gi th trng k vng ca c phiu tng thm cng cao. Cu 4 (ging cu 61 H Thu): Mt cng ty tng v th ti chnh ca mnh. Hnh dng no di y s lm tng t s kh nng thanh ton ngn hn? a. Vay ngn hn v s dng s tin nhn c thanh ton cc khon n o hn trn 1 nm b. Gim t s k thu tin ca cng ty xung mc trung bnh ngnh v s dng s tin tit kim mua my mc trang thit b Bi tp trc nghim mn Phn tch ti chnh
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c. S dng tin tng d tr hng tn kho d. S dng tin mua li c phiu ca cng ty e. Pht hnh c phiu mi v s dng mt phn tin thu c mua thm hng tn kho v gi s tin cn li di dng tin mt. Tr li: Current Ratio = TSNH N ngn hn = Total current assets Total current liabilities

Vic pht hnh c phiu mi v s dng tin thu c mua thm HTK v gi ti qu s lm cho TSNH tng, trong khi n ngn hn khng thay i => T s kh nng thanh ton ngn hn (CR) tng. Cu 5 (ging cu 76 H Thu): Cng ty HD v LD c cng tng ti sn, doanh thu, v chi ph hot ng, li sut. Tuy nhin, cng ty HD c t s n cao hn. Cu no di y l ng? a. Cng ty LD c kh nng sinh li c bn (BEP) cao hn b. Cng ty HD c kh nng sinh li c bn cao hn c. Nu li sut vay vn ca cng ty cao hn kh nng sinh li c bn, th cng ty HD s c ROE cao hn d. Nu li sut vay vn ca cng ty thp hn kh nng sinh li c bn, th cng ty HD s c ROE cao hn e. Vi cc thng tin cho, LD phi c ROE cao hn Tr li: HD v LD c cng tng ti sn, doanh thu, chi ph hot ng => EBIT ging nhau. Do D/A ca HD cao hn LD => chi ph li vay HD cao hn LD => LNST ca HD thp hn LD. Nu li sut vay vn cng ty thp hn kh nng sinh li c bn (BEP) th chng t EBIT tha kh nng ti tr cho chi ph li vay, hay c 2 cng ty c li nhun rng dng. T cc s kin trn => c th ROE ca HD cao hn LD (v cu ny khng cho bit 2 cng ty cng VCSH hay khng nn khng th a ra d bo c th v ROE ca 2 cng ty ny c). (theo tui: c th gii thch loi tr 4 cu cn li chn p n l d) Cu 6 (ging cu 77 H Thu): Nu mt ch ngn hng ang xem xt yu cu vay vn ca cng ty, cu no di y c coi nh l ng? a. T s TIE cng thp, cc yu t khc khng i, ngn hng s a ra li sut cng thp b. T s EBIT v D/A coverage cng thp, cc yu t khc khng i, th li sut ngn hng a ra cng thp c. Cc yu t khc khng i, t s thanh ton ngn hn cng thp, li sut ngn hng a ra cng thp d. Cc yu t khc khng i, t s n cng thp, li sut ngn hng a ra cng thp e. Cc yu t khc khng i, t s n cng cao, li sut ngn hng a ra cng thp Tr li: d

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Cu 7 (ging cu 78 H Thu): Walter Industries c t s thanh ton ngn hn l 0.5. Mt cch c lp, hnh ng no di y s lm tng t s thanh ton ngn hn? a. S dng tin gim cc giy n phi tr ngn hn b. S dng tin gim cc khon phi tr c. Vay bng cc giy n phi tr v s dng s tin thu c tng hng tn kho d. S dng tin gim cc khon n di hn e. S dng tin gim cc khon n tch lu Tr li: c Cu 8 (ging cu 79 H Thu): Tng ti sn ngn hn ca Safeco l $20 triu, n ngn hn l $10 triu, trong khi Risco c ti sn ngn hn l $10 triu, n ngn hn l $20 triu. C hai cng ty u mun "window dressing" ph php bo co ti chnh cui nm ca h, v lm vy h ln k hoch vay ngn hn $10 triu v gi s tin vay trong ti khon tin mt. Cu no di y m t r nht kt qu ca giao dch ny? a. Giao dch ny s khng nh hng ti sc mnh ti chnh ca cng ty c o lng bng t s thanh ton ngn hn b. Giao dch ny s lm tng sc mnh ti chnh ca c hai cng ty o lng bng cc t s thanh ton ngn hn c. Giao dch ny s lm gim sc mnh ti chnh ca c 2 cng ty o lng bng cc t s thanh ton ngn hn d. Giao dch ny s lm gim sc mnh ti chnh ca Safeco nhng lm tng sc mnh ti chnh ca Risco o lng bng t s thanh ton ngn hn e. Giao dch ny s lm tng sc mnh ti chnh ca Safeco nhng lm gim sc mnh ti chnh ca Risco o lng bng t s thanh ton ngn hn Tr li:d

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